Those ‘fat-cat’ bankers, as Obama is fond of calling them, do not want their names out in the public. Too bad.
The Supreme Court let stand a ruling that the U.S. Federal Reserve must disclose details about its emergency lending programs to banks during the financial crisis in 2008.
A group representing major commercial banks had asked the high court to reverse a ruling by a federal appeals court that required disclosure of the lending records.
The justices rejected the banks’ appeals. The Obama administration said the appeals should be denied.
It said the financial overhaul law adopted last year set new standards on releasing information about emergency lending programs and the law required the disclosure in December of much of the data at issue in the cases.
Bloomberg LP, the parent of Bloomberg News, and News Corp’s [NWS 17.69 0.54 (+3.15%) ] Fox News Network had sought the bailout details under the federal freedom of information law, which requires government agencies make certain documents public.
Where was the liberal media? ABC, CBS and NBC didn’t feel this was important information for Americans to have?
The two news organizations opposed the appeals, telling the Supreme Court the appeals court decision was correct on the merits and that further delay in releasing the remaining records would be unwarranted under the law.
The appeals court ordered the disclosure of borrowers’ names, loan amounts and loan dates for transactions at the Fed’s discount window and from its emergency lending facilities.
The Clearing House Association, representing the largest commercial banks that hold more than half of all U.S. deposits, appealed to the Supreme Court, arguing that the emergency lending data should be kept secret.
They wanted to hide how much $$$ they received from the taxpayers.